House Bill 1716 – Update

Dear Reader,

I was glad to be able to report on House Bill 1716 and to make it more common knowledge when it was released earlier this year, as it has serious repercussions to anyone related to the Gold business, whether buyer or seller.

As with all things after the initial turmoil has died down it is swept under the carpet to be forgotten about. I am not one to forget and would like to bring it back to the forefront.

A full copy of it can be found here. Though I have summarised the main points below.

House Bill 1716, is a bill passed in Washington on May 10th 2011 which becomes law on the 22nd July and is an ominous precedent of things to come.

It covers the control of the precious metals industry, both buying and selling and should it spread it will affect me and YOU! It is bought in under the pretence of lowering crime by regulating the sale of gold jewellery to pawn brokers and “cash for gold” type institutions BUT encompasses every business and everyone!

To summarise the main points:

1) It controls “secondhand dealers” BUT the definition of this is anyone buying selling or owning secondhand property including precious metals.

2) “Secondhand property” is defined as anything which is not new, including metals in any form, bullion or coin.

3) The “dealer” must record time, date, name, signature, date of birth, sex, weight, height, race, address, telephone number, governement ID number, photo, FINGERPRINT and MUCH more!

4) This applies to all transactions over $100 (£60) (AND under $100 but without the fingerprint)

5) IF over $100 you are NOT allowed to use cash but a signed instruction only.

6) These records and goods can be viewed by ANY commissioned law enforcement officer at ANY reasonable time.

7) Any precious metals bought by a dealer are not allowed to be removed from the property for 45 days!

8) If  a law enforcement officer has published a list of persons that have been convicted of any crime involving theft within the last 10 years, the “dealer” must not engage in a transaction with that person.

Draconian would be an understatement and it does not bode well for things to come in the following 18 months.

When I had initially written my piece to my subscribers back in February it was but a warning of something that may happen but now it has been signed by the president and governor it’s official and becomes law next month.

As with all things you can be sure this is just a prelude of things to come. A toe in the water as a tester before jumping right in. The US government have made private Gold ownership illegal before. In fact it was during the last depression when the same things were happening in the economy and people turned to precious metals as a safe haven, a way to save their hard earned money from the money grabbing hands of the government.

There are many ways to avoid or ‘negotiate’ around such pitfalls, many of which can be found in the guides section of the website where I give free information on all aspects of Gold ownership.

As I write this (13th June 2011) the Gold price has just dipped to $1515. I believe this will be a short term blip on our upward climb, so it represents a good opportunity to buy. If you’re reading this at a later date and I was right, maybe its time to start listening and protect yours and your family’s future. Times are tough but they are going to get much tougher soon.